The city is creating a $150 million-a-year “Innovation Fund” to help fight poverty, Mayor Bloomberg announced yesterday.

The money will come from local, state and federal funds, as well as $25 million to be raised from the private sector.

One of the first things the fund will be used for is to pay for a child-care tax credit for parents with kids under 3 in day care. The credit would average $1,000 per household, or about $42 million each year, Bloomberg said.

The fund will also pay for an Office of Financial Empowerment, which will help poor people get better medical care and education.

“We will carefully monitor these programs and hold them accountable for producing results, just as a business would,” the mayor said.